Group 1 Flashcards
- A _____ is essentially a contractual agreement between a seller and a buyer, where one party transfers ownership of a thing to another party for a price or consideration.
a. Sale
b. Principal
c. Bilateral
d. Commutative
a. Sale
- What is the characteristic of a sale where both parties have reciprocal obligations?
a. Nominal Contract
b. Consensual Nature
c. Bilateral Contract
d. Commutative
c. Bilateral Contract
- What is the characteristic of sale where there’s a mutual exchange of duties which ensures that both parties benefit from the transaction.
a. Bilateral Contract
b. Nominal Contract
c. Consensual Nature
d. Commutative
a. Bilateral Contract
- What is the characteristic of a sale where both parties exchange something of value.
a. Consensual Nature
b. Commutative
c. Principal Contract
d. Onerous Transaction
d.Onerous Transaction
- A characteristic of sale that stands independently and does not rely on another agreement for its validity
a. Commutative
b. Onerous Transaction
c. Principal Contract
d. Nominal Contract
c. Principal Contract
- The ____ refers to the item being sold in a sales transaction.
a. Subject Matter
b. Price
c. Product
d.Consent
a. Subject Matter
- This occurs when the debtor transfers ownership of a property to the creditor as a means of extinguishing a debt.
a. Sale
b. Contract for a piece of work
c. Dación en pago
d. Cession in payment
c. Dación en pago
- What do you call when a debtor assigns or surrenders all his or her assets to creditors so they may sell them and apply the proceeds to satisfy outstanding obligations.
a. Barter
b. Cession in payment
c. Dación en pago
d. Contract for a piece of work
b. Cession in payment
- It is a deposit made to a seller that represents a buyer’s good faith to make a purchase such as the acquisition of a new home
a. Earnest Money
b. Option Money
c. Purchase Price
d. Downpayment
a. Earnest Money
- This is the consideration paid for the purpose of holding one to his promise to buy or sell a determinate thing for a certain period of time.
a. Installment
b. Purchase Price
c. Earnest Money
d. Option Money
d. Option Money
- In this remedy, the seller can sue the buyer to recover the agreed-upon price of the goods that were sold but not yet paid for.
a. Action for Price exercised
b. Action for Damages
c. Possessory Lien
d. Right to Examine
a. Action for Price exercised
- Action for the seller to provide financial compensation to the seller for any losses incurred due to the buyer’s non-payment
a. Ordinary
b. Warranties
c. Possessory Lien
d. Action for Damages
d. Action for Damages
- This is a legal right that allows a seller to retain possession of the goods sold until the buyer makes payment for the goods
a. Possessory Lien
b. Action for Damages
c. Warranties
d. Stoppage in Transit
a. Possessory Lien
- An important legal mechanism available to an unpaid seller to protect their interests when the buyer fails to pay for the goods.
a. Replacement
b. Refund
c. Stoppage in Transit
d. Legal Advice
c. Stoppage in Transit
- One of the remedies available to an unpaid seller in a situation where the buyer has defaulted on payment.
a. Stoppage in Transit
b. Special Right to Resell the Goods Exercised
c. Action for Damages
d. Possessory Lien
b. Special Right to Resell the Goods Exercised
- This assures the buyer that the good or service is free from defects, and it is a legally binding commitment.
A. Warranties
B. Refund
C. Redemption
D. Credit
A. Warranties
- It refers to how you keep all records related to the purchase, such as receipts and warranties.
A. Documentation
B. Replacement
C. Notice
D. Legal Advice
A. Documentation
- This refers to the conditions under which the sale on credit occurs. These terms should include the repayment schedule, interest rates, penalties for late payments, and any security measures, such as collateral, to protect the seller in case the buyer defaults on payment
A. Legal Advice
B. Notice
C. Payment terms
D. Credit Terms
D. Credit Terms
- If neither replacement nor a refund is possible or desired, the consumer can request that the goods be __.
A. Redemption
B. Repair
C. Refund
D. Replacement
B. Repair
- It is defined as a transaction involving the transfer of goods, services, funds, property or rights, thereby creating an obligation on the part of those who receive them, that must be complied with in the future.
A. Credit
B. Payment Terms
C. Credit Terms
D. Documentation
A. Credit
- In a pacto de retro sale, it refers to the seller who reserves the right to repurchase.
A. Co-owner
B. Vendor a retro
C. Vendee a retro
D. Insolvent buyer
B. Vendor a retro
- In a pacto de retro sale, it refers to the buyer who temporarily acquires ownership but is obligated to allow repurchase if the vendor exercises their right.
A. Co-owner
B. Vendor a retro
C. Vendee a retro
D. Insolvent buyer
C. Vendee a retro
- This term takes place when the vendor reserves the right to repurchase the thing sold, with the obligation to comply with the provisions of article 1616 and other stipulations which may have been agreed upon.
A. Sale on credit
B. Warranties
C. Legal Redemption
D. Conventional Redemption
D. Conventional Redemption
- A legal remedy where the consumer can demand a new unit that is free from the defects plaguing the initial purchase.
A. Notice
B. Replacement*
C. Documentation
D. Repair
B. Replacement*
- This type of warranty is not explicitly stated by the seller but is automatically applied by law to protect consumers. It helps ensure that consumers receive products that are fit for their intended purpose and meet reasonable quality standards.
A. Notice
B. Warranty of Merchantability
C. Legal redemption
D. Warranty of Fitness for a particular purpose
B. Warranty of Merchantability
- This outlines the amount to be paid, the due date, and any conditions for deferred payment, including whether the buyer will pay in full or through installments.
A. Payment Terms
B. Credit Terms
C. Documentation
D. Notice
A. Payment Terms
- It is exercised after the sale has been perfected against the vendee. The recognition of this right will result in the rescission of the sale.
A. Replacement
B. Redemption
C. Repair
D. Pre-emption
B. Redemption
- This term assures the buyer that the product will perform as expected for the specific use intended, even if it is not explicitly stated in the sales agreement.
A.Warranty of Fitness for a particular purpose
B. Warranty of Merchantability
C. Conventional Redemption
D. Replacement
A.Warranty of Fitness for a particular purpose
- It is the right to be subrogated, upon the same terms and conditions stipulated in the contract, in the place of one who acquires a thing by purchase or dation in payment, or by any other transaction whereby ownership is transmitted by onerous title.
A. Legal Redemption
B. Replacement
C. Conventional Redemption
D. Contractual Obligations
A. Legal Redemption
- It is the act or right of purchasing before others. It is exercised before the sale or resale against the would-be vendor
A. Replacement
B. Pre-emption
C. Repair
D. Replacement
B. Pre-emption
What is the term for a contract where a buyer pays for goods in installments over time?
Sales on credit
It refers to the item being sold in a sales transaction
Subject Matter
What is the right of a co-owner to redeem a sold share from a third party?
Legal Redemption by Co-owners
This characteristic of a sale means that both parties have reciprocal obligations.
Bilateral Contract
This transaction involves the exchange of goods or services without using money.
Barter
In a pacto de retro sale, what do you call the seller who has the right to repurchase?
Vendor a Retro
What is the term for a sale where the vendor reserves the right to buy back the property sold?
Conventional Redemption
This is the most formal method of forming a contract of sale, ensuring clarity and reducing disputes.
In Writing
In this transaction, a debtor assigns all assets to creditors so they may sell them and satisfy outstanding obligations.
Payment by Cession
This contract is independent and does not rely on another agreement for its validity.
Principal Contract
A remedy for an unpaid seller where the seller can sue the buyer to recover the agreed-upon price of the goods that were sold but not yet paid for.
Action for Price Exercised
A remedy for an unpaid seller where it is a legal right that allows a seller to retain possession of the goods sold until the buyer makes payment for the goods.
Possessory Lien
It assures the buyer that the goods or service is free from defects, and it is a legally binding commitment.
Warranty
Type of warranty that is not explicitly stated by the seller but is automatically applied by law to protect consumers.
Warranty Of Merchantability
Type of warranty that assures the buyer that the product will perform as expected for the specific use intended, even if it is not explicitly stated in the sales agreement.
Warranty of Fitness for a Particular Purpose
A legal remedy where the consumer can demand a new unit that is free from the defects plaguing the initial purchase.
Replacement
A legal remedy where the consumer may also opt for a complete _____ of the purchase price.
Refund
It is defined as a transaction involving the transfer of goods, services, funds, property or rights, thereby creating an obligation on the part of those who receive them, that must be complied with in the future.
Credit
Characteristics of Sale where it stands independently and does not rely on another agreement for its validity.
Principal Contract
The conditions under which the sale on credit occurs.
Credit Term
Characteristics of Sale
- Bilateral Contract
- Onerous Transaction
- Commutative
- Consensual nature
- Nominal Contract
- Principal Contract
Types of implied warranties
- Warranty of Merchantability
- Warranty of Fitness for a Particular Purpose
Forms of Sale
- In writing
- By word of mouth
- Partly in Writing and Partly by Word of Mouth
- Inferred from the Conduct of the Parties
Legal Remedies in Warranty
- Replacement
- Refund
- Repair
2 Parties in Pacto De Retro Sale
- Vendor a retro
- Vendee a retro
3 Instances of Legal Redemption
- Legal Redemption by Co-owners
- Legal Redemption by adjoining owner of rural land
- Legal Redemption by adjoining owner of urban land
